The New York state financial regulator has fined the cryptocurrency arm of Robinhood Markets $30 million for alleged violations of anti-money laundering, digital security and consumer protection rules.
The New York State Department of Financial Services (NYDFS) said Tuesday that Robinhood Crypto has not devoted enough resources to addressing compliance and e-security risks.
“We are pleased that the agreement in principle reached last year and previously disclosed in our public filings is now final,” said Cheryl Crumpton, Robinhood’s Chief Legal Officer.
The company has made “significant progress” in building its legal, compliance and cybersecurity programs, Crumpton added.
As part of the agreement, Robinhood Crypto will also be required to retain an independent advisor to assess its compliance practices, the NYDFS said.
Source: CNN Brasil
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